Problems, Objections, and Fears
The 7 Biggest Mistakes Lake Havasu City Home Buyers Make (and how to avoid them)
1. Buyers should know how much they can afford to buy. It costs the Buyer nothing to get pre-qualified with a lender to get a clearer idea of what they can afford. It will also help them to understand the whole picture of what home ownership actually costs. Things to think about are HOA (Home Owner Association) costs monthly, and if the HOA has any assessments (improvements to the development like asphalt streets, roofs, gate issues). These are items that are paid monthly: Electricity, water, sewer, and trash. The annual costs are property taxes and homeowner’s insurance, which could be included in your monthly payments by establishing an impound account.
2. Budgets are important. Once you have met with a lender to get an idea of what you can afford, you should look at properties that are within that budget. It will only frustrate you to look at properties you cannot afford, and it is not a good use of a Real Estate Agent’s time.
3. Your credit is precious during the purchase of Real Estate. Do not buy a car, boat, or anything that requires monthly payments. That includes opening a new credit card to get a sale discount, which will cause a red flag, and you will not close on your property. Also, do not do anything drastic like close an account, thinking it will improve your credit score. Speak to a lender about this, they are the experts. This is super important, and buyers do make these mistakes far too often.
4. It is best to view a property in person before writing an offer. Video tours are helpful, yet they do not show every detail, and if you are a detail person, you may see the house in a different light in person versus someone’s video. Neighborhoods should be visited often; it is different on weekends or after work than it is in the middle of the day.
5. Inspections are your right and important. Many times, the Buyer may feel pressured to waive the right to inspections to compete for a purchase. The inspections do not always answer all the unknowns, yet they do give you somewhere to start. It is ok to ask for the property as is, especially if you are skilled at fixing household problems or can financially afford to hire someone to make the repairs.
6. Visit Lake Havasu City before you purchase in order to live here full-time. It is not a joke, it gets hot in the summer, and you have to be prepared for the heat, or have a summer getaway location to get relief from the heat. It is a short period of time, the spring and winter months are amazing.
7. Another mistake buyers make is not using a Realtor. Real Estate Agents understand the market, they know the inventory, and they can help with clarity on the legal aspects of purchasing a property. Your Real Estate Agent can help explain the Title Report and all the recorded documents on the property, like easements and liens. They know the professionals to help with Inspections, and they are familiar with the city and permitting process, so that they can help resolve anything that comes up in that area currently or in the future. We, Realtors, have a hotline for vendors such as Home Inspectors, Painters, Landscapers, and Builders. We are a great resource – use us!